Core Viewpoint - ASML's stock price plummeted following the release of its Q2 2025 earnings report, despite exceeding revenue and profit expectations, due to a cautious outlook for future growth and narrowed annual guidance [2][3][7]. Financial Performance - Q2 net sales reached €7.7 billion (approximately $8.95 billion), surpassing the expected €7.52 billion [3]. - Q2 net profit was €2.29 billion, exceeding the forecast of €2.04 billion [3]. - The actual net new orders for Q2 were €5.5 billion, significantly higher than the anticipated €4.19 billion [3]. Future Guidance - For Q3, ASML expects revenue between €7.4 billion and €7.9 billion, below the market expectation of €8.3 billion [7]. - The company has narrowed its full-year revenue growth forecast for 2025 to approximately €32.5 billion, down from a previous range of €30 billion to €35 billion [7]. - ASML expressed uncertainty about achieving growth in 2026 due to macroeconomic and geopolitical factors [8]. Market Context - ASML is a critical player in the semiconductor supply chain, producing extreme ultraviolet (EUV) lithography equipment essential for advanced chip manufacturing [9]. - The demand for AI-related chips is a significant growth driver for ASML, with the company recently delivering a next-generation High NA EUV machine [9]. Regulatory Environment - The company faces uncertainties related to U.S. tariff policies affecting the shipment of new equipment and components, which could impact profit margins [11]. - Current semiconductor products are exempt from tariffs in the U.S., but future implications for chip manufacturing equipment remain uncertain [11]. - The potential lifting of export restrictions on AI processors could positively influence chip demand [11].

Core Viewpoint - ASML's stock price plummeted following warnings from management that growth in 2026 may not be achievable, despite exceeding expectations in Q2 2025 revenue and profit [1][5]. Financial Performance - ASML reported Q2 2025 net sales of €77 billion (approximately $89.5 billion), surpassing the expected €75.2 billion [7]. - The net profit for the same quarter was €22.9 billion, exceeding the forecast of €20.4 billion [7]. - The company’s net new orders for Q2 were €55 billion, significantly higher than the analyst expectation of €41.9 billion [5]. Future Guidance - For Q3 2025, ASML expects revenue between €74 billion and €79 billion, which is below the market expectation of €83 billion [10]. - The full-year revenue growth forecast for 2025 has been narrowed to approximately €325 billion, down from a previous range of €300 billion to €350 billion [10]. - CEO Christophe Fouquet expressed concerns about the uncertainty in macroeconomic and geopolitical developments affecting the outlook for 2026 [10]. Market Impact - Following the announcement, ASML's stock fell over 7% to €654.70 per share, marking the largest single-day drop since April [6]. - Over the past year, ASML's stock has declined by 33% [6]. Industry Context - ASML is a critical player in the semiconductor supply chain, producing extreme ultraviolet (EUV) lithography equipment essential for manufacturing advanced chips for companies like Apple and NVIDIA [10]. - The demand for AI-related chips is a significant driver for ASML's EUV technology [10]. Tariff and Profit Pressure - The company faces uncertainties due to U.S. tariff policies affecting the shipment of new equipment and components, which could impact profit margins [12]. - Current semiconductor products are exempt from tariffs in the U.S., but future implications for chip manufacturing equipment remain uncertain [12].

Core Viewpoint - ASML warns that it may not achieve growth in 2026 despite exceeding expectations for Q2 revenue and profit [2][4] Financial and Performance Outlook - ASML expects Q3 revenue to be between €7.4 billion and €7.9 billion, lower than the market expectation of €8.3 billion [3] - The company has narrowed its 2025 full-year net sales growth forecast to 15%, implying revenue of approximately €32.5 billion [3] 2026 Outlook - ASML's CEO Christophe Fouquet expresses uncertainty about the 2026 outlook due to increasing macroeconomic and geopolitical uncertainties, despite strong fundamentals from AI customers [4] Q2 Performance - For Q2, ASML reported net sales of €7.7 billion (approximately $8.95 billion), exceeding the expected €7.52 billion, and net profit of €2.29 billion, surpassing the forecast of €2.04 billion [5] - The company recorded actual net orders of €5.5 billion for the April to June period, compared to the expected €4.19 billion [6] AI Demand Impact - AI-related chip demand is a significant driver for EUV equipment, which is essential for manufacturing advanced chips for companies like Apple and Nvidia [7][8] - ASML has launched the next generation of EUV equipment, High NA tools, which are crucial for future growth plans, with each unit priced over $400 million [8]

参参考考链链接接 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 tomshardware ，谢谢。 初创公司 Atum Works 在 YCombinator 发布的启动文章中声称，其纳米级 3D 打印技术可以轻松 替代现有的芯片生产流程，并将芯片制造成本降低高达 90%。不过这项技术也有一个"前提"：其 在逻辑芯片方面的能力已经落后主流技术约 20 年，但在封装、光子学和传感器等领域仍可能表现 良好。 现代芯片就像高楼大厦：它们拥有多层结构、内部有不同类型的功能模块，还需要通信基础设施。 每一颗先进芯片的制造都要经历上千道工序、使用数百种专用设备，因此成本十分高昂。 Atum Works 称 ， 他 们 已 经 开 发 并 制 造 出 一 台 纳 米 级 3D 打 印 机 ， 能 够 以 100 纳 米 的 体 素 级 （voxel-level）精度，在晶圆级尺度上构建多材料的三维结构。与传统的平面光刻工艺不同（后 者通过光掩模曝光将电路图案刻蚀在硅片上），Atum Works 的系统可直接在三维空间中的精确位 置沉积材料，从而制造集成电路，并能将如互连等结构在一个连续统一的过程中完成，这种方式 ...